-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N91r9pCC2YUGjYQghJb4NtF64Zy/TaMrjdNAmkoIXfO8ilZf3hyxj4A47dUFLyMe sKpgOyeatAtZM862JItmQw== 0000950152-98-007783.txt : 19980925 0000950152-98-007783.hdr.sgml : 19980925 ACCESSION NUMBER: 0000950152-98-007783 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980923 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980924 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARRIS CORP /DE/ CENTRAL INDEX KEY: 0000202058 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 340276860 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-03863 FILM NUMBER: 98713982 BUSINESS ADDRESS: STREET 1: 1025 W NASA BLVD CITY: MELBOURNE STATE: FL ZIP: 32919 BUSINESS PHONE: 4077279125 MAIL ADDRESS: STREET 1: 1025 W NASA BLVD CITY: MELBOURNE STATE: FL ZIP: 32919 FORMER COMPANY: FORMER CONFORMED NAME: HARRIS SEYBOLD CO DATE OF NAME CHANGE: 19600201 8-K 1 HARRIS CORPORATION FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 -------------------- Date of Report (Date of earliest event reported): September 23, 1998 ------------------ HARRIS CORPORATION ---------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-3863 34-0276860 - ---------------------------------- ------------------------------ ------------------------------ (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation) Identification No.)
1025 West NASA Blvd., Melbourne, FL 32919 --------------------------------------------------- ----------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (407) 727-9100 No Change ------------------------------------------------------------------------------ (Former name or former address, if changed since last report.) 2 Items 1-4. Not Applicable. Item 5. Other Events. ------------- On September 23, 1998, Harris Corporation announced that it expects its first quarter earnings from operations to be slightly below last year's first quarter and about 10% below the analysts' consensus estimate of $.58 per share. Similarly, fiscal 1999 operating results are also expected to be slightly below fiscal 1998 results and about 10% below the analysts' consensus estimate of $3.12 per share. A copy of the press release is filed herewith as Exhibit 99 and is incorporated herein by reference. Item 6. Not Applicable. Item 7. Financial Statements and Exhibits. ---------------------------------- (c) Exhibits. The following document is filed as an Exhibit to this Report: 99. Press Release, dated September 23, 1998, announcing expected lower first quarter and fiscal 1999 earnings from operations. Items 8-9. Not Applicable. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HARRIS CORPORATION By: /s/ Bryan R. Roub --------------------------------------- Name: Bryan R. Roub Title: Senior Vice President & Chief Financial Officer Date: September 24, 1998 4 EXHIBIT INDEX Exhibit No. Under Reg. S-K, Item 601 Description - ---------------------------- ----------------------------------------- 99 Press Release, dated September 23, 1998, announcing expected lower first quarter and fiscal 1999 earnings from operations. EX-99 2 EXHIBIT 99 1 EXHIBIT 99 HARRIS CORPORATION EARNINGS IMPACTED ------------------------------------ BY WORLD MARKET CONDITIONS -------------------------- MELBOURNE, Fl., September 23, 1998 -- Harris Corporation expects its first quarter earnings from operations to be slightly below last year's first quarter and about 10% below the analysts' consensus estimate of $.58 per share. Similarly, total year operating results will likely follow the same pattern - slightly below FY98 results and about 10% below the analysts' consensus estimate of $3.12 per share. Phillip W. Farmer, Harris chairman and CEO, said, "The semiconductor market has continued its unprecedented downturn and has been joined by general market weaknesses that started in Asia, but have now spread to Russia, eastern Europe and South America. For Harris, the impact is now being felt in communications businesses as well as semiconductor, primarily in the form of decreasing prices and, to a lesser extent, in demand. "A restructuring program, announced in July, is being vigorously implemented to reduce costs and maintain profit margins. These actions will balance near-term results and long-term positioning to retain and grow market share for Harris businesses in communications products, semiconductors, government and defense, and Lanier office products," Mr. Farmer added. The company also announced plans to take a reserve against first quarter earnings to reflect the potential settlement of a lawsuit. As recently reported in the business press, the Federal Circuit Court of Appeals upheld a lower court 2 ruling of infringement by Harris of a competitor's patent for an analog television transmitter circuit. The award totaled $15.4 million plus attorneys fees and interest and relates to an older product no longer manufactured by Harris. Harris continues to maintain that no infringement took place and is evaluating what further actions it may take. This press release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results of the company to differ materially from those matters expressed in or implied by such forward-looking statements. The Company's consolidated results and the forward-looking statements could be affected by, among other things, general economic conditions in the markets in which the Company operates; ability to execute management's internal operating plans (specifically management's announced restructuring plan which includes employee reductions, cost reductions in its commodity semiconductor product lines, particularly logic, consolidations of administration, technical sales and marketing functions, and manufacturing facilities, and the successful exit of several product lines and a program); fluctuation in foreign currency exchange rates and the effectiveness of the Company's currency hedging program; worldwide demand and product pricing for integrated semiconductor circuits, particularly power products; reductions in the U.S. and worldwide defense and space budgets; effect of continuing consolidation in the U.S. defense industry on the Company's business with the U.S. government; the Company's ability to recover costs incurred on fixed price contracts; continued development and market acceptance of new products, especially digital broadcast products and semiconductor wireless products; continued success of the Company's patent licensing programs, particularly as it relates to the Semiconductor and 3 Communications segments; and the successful resolution of patent infringement and other general litigation. Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. # # # -----END PRIVACY-ENHANCED MESSAGE-----